Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $327.92

Cadence Design Systems, Inc. (NASDAQ:CDNS) has earned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $327.92.

A number of research analysts recently issued reports on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Needham & Company LLC reduced their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Oppenheimer assumed coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $299.00 on Wednesday. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market cap of $82.00 billion, a price-to-earnings ratio of 78.48, a PEG ratio of 4.16 and a beta of 1.04. The firm has a 50 day simple moving average of $304.20 and a 200 day simple moving average of $285.41.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the company earned $1.01 EPS. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Research analysts predict that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,916 shares of company stock valued at $33,953,757. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the third quarter worth about $28,000. Versant Capital Management Inc grew its position in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.